Hampel Report on “Corporate Governance” (June 1998),
Turnbull Report on “Internal Control: Guidance for Directors on the Combined Code” (September 1999) and
Higgs Report on the “Review of the role and effectiveness of non-executive directors” (January 2003)
revealed that the UK has been able to influence US corporate governance regulation (Sarbanes-Oxley Act 2002 [SOA] on “Corporate Responsibility”, enacted by the Senate and House of Representatives of the United States of America).
In return, through SOA the US is influencing and accelerating the development of an EU wide governance regulation. “The Commission has expressed serious concerns over the [US] measures put forward, in particular the unnecessary outreach effects of the SOA for EU companies and EU auditors.” (Com 2003/C236/02, page 9). EU based corporations, which have US parent companies or subsidiaries that are listed at the US stock exchange (regulated by the Securities Exchange Commission) need to comply with the Sarbanes-Oxley Act 2002. Therefore, the Commission has reconsidered EU priorities on initiatives on the enhancement of corporate governance, which was initiated by the Commission's 1996 Green Paper (COM 1996/321) on “The Role, Position and Liability of Statutory Auditor in the EU” and laid down in Council Directive 84/253/EC ‘the 8th Directive’.
Following recent financial reporting scandals, the requirement to implement standards for the EU capital market to enhance public trust in the audit function in the EU and the need to respond to SOA, the Commission prepared with the Winter report. In September 2003 the Commission published the Communication (2003/236/02) on “Reinforcing the statutory audit in the EU” and in parallel an Action Plan on “Modernising Company Law and Enhancing Corporate Governance in the European Union”. The Directive (2006/43/EC) on “statutory audit of annual accounts and consolidated accounts, amending Council Directive 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC” was adopted by the European Parliament on the 28.9.2005.
The new modern regulatory audit framework will be applicable to non-EU audit firms performing audit work in relation to companies listed on the EU capital markets. To achieve recognition of the EU regulatory approaches to the protection of investors and other stakeholders, the Commission has had regulatory discussions in particular with the SEC but also with decision makers in US Congress and EU Finance Ministers.
Text published by Guido Reinke (2009) "The European Information Society: Governance and the Decision-Making Process for ICT Policy and Standards", Royal Holloway College, University of London (London: PhD Thesis).
and 27 Related for: Corporate governance in the United Kingdom information
UK corporategovernance has influenced corporategovernance regulation inthe European Union and United States. A detailed analysis of several UK corporate...
Corporategovernance are mechanisms, processes and relations by which corporations are controlled and operated ("governed"). "Corporategovernance" may...
The UK CorporateGovernance code, formerly known as the Combined Code (from here on referred to as "the Code") is a part of UK company law with a set...
The Cadbury Report, titled Financial Aspects of CorporateGovernance, is a report issued by "The Committee on the Financial Aspects of Corporate Governance"...
The King Report on CorporateGovernance is a booklet of guidelines for thegovernance structures and operation of companies in South Africa. It is issued...
Ch 407 is a UK company law case concerning directors' duties, and in particular the duty of care. It is no longer good law, as it stipulated that a "subjective"...
Shareholders intheUnitedKingdom are people and organisations who buy shares in UK companies. In large companies, such as those on the FTSE100, shareholders...
actuaries, and setting the UK's CorporateGovernance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its...
regulated industries under competition law intheUnitedKingdom. It was a competition regulator under the Department for Business, Innovation and Skills...
and engaged monitoring of corporategovernance for the interests of beneficiaries. Specifically, the Code aims to promote the responsible allocation, management...
adviser inthe UK is a firm authorised, under the Takeover Code, to advise the shareholders of a company when there is an offer made for the company....
for corporategovernance. The IoD is based in a Grade I listed building at 116 Pall Mall in London, formerly theUnited Service Club. Members of the IoD...
include Newcastle Unitedinthe mid 1990s, and Liverpool, who inthe early 2000s had plans to leave Anfield in favour of a new stadium in nearby Stanley...
The Panel on Takeovers and Mergers, or more commonly The Takeover Panel, is theUnitedKingdom's regulatory body charged with the administration of The...
Turner, John D. (January 30, 2024). "Three centuries of corporategovernanceintheUnitedKingdom". The Economic History Review. doi:10.1111/ehr.13326. ISSN 0013-0117...
in higher corporate transparency of Chinese firms. In 2002, the China Securities Regulatory Commission (CSRC) issued a code of corporategovernance affecting...
the United Kingdom, such as those trading on the London Stock Exchange. Many of its provisions are mirrored inthe EU Takeover Directive. The code is designed...
The Adam Smith Professorship inCorporateGovernance is an endowed chair established at the University of Cambridge, assigned to the Cambridge Judge Business...
Higgs Report (2003) Full text of the Myners Report, Institutional Investment intheUnitedKingdom: A Review (2001) The government's response, Myners Review:...
Service governance is a means of achieving good corporategovernance through managing internal corporate services across and throughout an enterprise....
The Smith Report was a report on corporategovernance submitted to the UK government in 2003. It was concerned with the independence of auditors in the...
Company secretary is a senior position inthecorporategovernance of organizations, playing a crucial role in ensuring adherence to statutory and regulatory...
Global Information